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Why the new pension scheme could leave you with nothing

Written By Victoria Crowe | 7 March 2016

Changes in the State Pension could leave people in their 50s and 60s with nothing. Find out why here...

Around 50,000 women and 20,000 men in their 50s and 60s are set to miss out entirely on the new state pension between now and 2030 because they don’t qualify under the new rules, according to Age UK.

To claim the minimum amount of State Pension (which would be £19.30 a week) you need to have at least 10 years of National Insurance contributions.

This could affect people who have worked part time or taken a break from work and will not be able to make up the time before they reach retirement age. This also affects women born in the 1950s who are already affected by the age change.

Age UK’s Charity Director, Caroline Abrahams, said 'the news will be good for some but disappointing for others, which is why it is so important for everyone approaching retirement to check their State Pension age and what they’ll receive when they reach it.'

If you're unsure what you will get you can order a pension statement from the Government’s Future Pension Centre to find out what you are likely to receive. To do this, call the Future Pension Centre on 0845 3000 168 or download an application form BR19 at gov.uk/state-pension-statement.

Need advice?
If you are over 50, you can talk through your pension situation with Pension Wise, which is a free and impartial government-backed service.